Kelly: Selling Half of VGZ

Jan.27.08 | About: Vista Gold (VGZ)

Friday morning I decided to sell half of my position in (NYSEMKT:VGZ) at $4.68, effectively reversing my purchase of yesterday and taking 31 cents of profit out of the stock in just one day. Essentially, by doubling the position yesterday and flipping the position today, I have effectively lowered my basis while maintaining the same size position. I continue to like VGZ, but it is somewhat speculative, so managing the size of the position in essential. All in all, I accomplished what I set out to do with this trade.